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My brother had a kitchen fire and Loan care has been stalling the draw so he can complete his work. He's been coming out of his pocket to finish the work. Increased building material and labor cots along with supply chain constraints has increased the cost to rebuild and delayed the process. Now Loancare is delaying it further by holding his funds. I spoke with the Loancare claims rep and asked if his claim money is being invested or accumulating interest that he should be entitled too. The rep could not answer that question so I told her to find out and mail it to him. I requested to speak to a manager she said one would call in 24 to 48 hours. That was over 72 hrs ago. I have Loancare and had a similar issue with them on insurance claims draws for a backed up sewer line on my first floor. I ultimately paid for the repairs myself took pictures and got the entire claim check. But many people who suffer a loss are not in that sort of position. Besides what's the use in having insurance if the bank ultimately controls the the draws on money that usually do not cover replacement cost especially if you have an adjuster who's job it is to low ball your repair cost then depreciate that value. They are all in cahoots if you ask me. Remember the government bailouts and who were in front of the line, banks and insurance companies.
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I am dealing with this right now! I have a family of 8 that is about to be living out of a car because they refuse to release money even though the inspection said we are 40% complete. They have hung up on me multiple times, told me the Resolution department is closed, told me it’s because of paperwork. All lies. We have paid for EVERYTHING out of our own pocket! We can’t go any further without funds & we are on the final days of the hotel we are now paying for!
We’ve been told ALL of the same things! We were told that the resolution department would handle everything going forward. Now every time I call they tell me they are closed without any ability to give me a time to call that they will be open. Jada has hung up on me multiple times. They have been a nightmare to deal with up to this point. We have received a 100% inspection and told after two weeks of waiting for them to release the final funds that we needed to provide proof that the contractor has been paid. They have that and now the excess funds are too much to release without approval from corporate, which could take 8 business days to hear back from. Once they get that, it could take an additional 3-5 days to process the check, and that’s only if you call them and ask them to process it. Otherwise, it goes into a queue that nobody reviews.
LoanCare has had my insurance check for over 3 months and I have not received any money at all never got the first installment to work on my house I lost my roof and all kinds of things with no help from them they still keep saying they need one more piece of paper someone please just stop them I don't know what they're doing with the money but they sure the heck aren't giving it to their rightful owner
Like I said before they've had my check for over 3 months I never got my first allotment to start on my house so I had to use my own money I got a rough I got the AC going and I bought a shed and I put deposits down and everything thinking that I would get my money now I'm not and I spent all my money and I'm about ready to go broke I'm going on food stamps Red Cross is helping me I don't know if I'm going to have to file bankruptcy or not someone should be able to force them to give you your money my name is on the check
Currently dealing with this exact same situation plus others. We had a kitchen fire, funds were over $20,000 so my insurance company had to include my mortgage company. Now I’m in limbo and have been for months because I can’t do anything without having the money. I’ve been doing as much as I can myself and paying out of pocket. My mortgage is behind, I’m unemployed and I don’t know what I’m supposed to do. I’m assuming there is an expiration date that this check I had to sign and send in the mail to them will reach and I’ll be out of luck. If anyone has any advice please help. I’ve talked to over 12 different contractors but some of them will start the work without any of the funds not only that but the things they want the contractor to sign and agree to is impossible. This has been a horrible experience. My kids and I are about to be homeless and they couldn’t care less. So many bad experiences with them. This one is just the current one.